(Reuters) - Prudential Financial Inc <PRU.N>, the No. 2 U.S. life insurer, posted a 47 percent slump in quarterly profit, hurt by higher investment losses and related charges.

 

Net profit attributable to the company fell to $491 million, or $1.12 per share, in the second quarter ended June 30, from $921 million, or $2.04 per share, a year earlier.

 

The insurer said net income includes $679 million of pre-tax net realized investment losses and related charges.

 

Prudential, like its peers, counts on its derivatives program to smooth out risks stemming from volatile currency exchange rates, equities markets and interest rate changes.

 

(Corrects paragraph 2 to $921 million instead of $941 million)

 

(Reporting by Nikhil Subba in Bengaluru)